![]() ![]() Without these, you’ll have to start the process from scratch if you receive a higher interest rate than listed, or the vehicle you selected was sold. It’s very important that the dealer lists the highest possible interest rate you could get, as well as the phrase “or similar” with the vehicle. This document must show all the details of your potential loan, including the term, monthly payment amount, total loan amount, maximum interest rate, and vehicle. Once there, you can work with the dealer to fill out a sample financing statement. The first thing you need to do is find a dealer who works with someone in a bankruptcy. An Auto Loan during a Chapter 13 BankruptcyĪ Chapter 13, known as a repayment bankruptcy, is a much longer process lasting three or five years and courts understand that an auto loan might be needed during this time. ![]() Auto loans are typically not available during this process because it’s possible for the car to be included in your bankruptcy, which could leave your lender holding the bag. In a Chapter 7, your trustee is responsible for selling (or liquidating) your possessions to repay your debts. This bankruptcy usually only lasts between three and six months, and is known as a liquidation bankruptcy. It’s possible to get a car loan during a Chapter 13 bankruptcy, but if you filed Chapter 7, it’s less likely you’ll be approved for a vehicle loan while you’re in the process, mainly because it’s so short. Whether or not you can get a car loan during bankruptcy depends largely on what type of bankruptcy you filed. But what if you need an auto loan before you’re done with bankruptcy? A Car Loan during a Chapter 7 Bankruptcy ![]() Completing a bankruptcy successfully means you can typically get a car loan from a bankruptcy car dealer. When you’ve gone through bankruptcy, a car loan is a great way to rebuild your credit. ![]()
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